Done deal in Vermont?

3 August 2002

The sale of Vermont Yankee to Entergy looks set to close, after a last minute dispute over the distribution of excess decommissioning funds (see links below).

Following 10 months of hearings, the Vermont Public Service Board (VPSB) - in its order of 13 June, 2002 approving the sale of Vermont Yankee - mandated that Entergy distribute any excess decommissioning funds to the seller for the benefit of its ratepayers. Entergy maintained that this condition differed from the terms of the Memorandum of Understanding, which stipulated that if the plant were to be decommissioned prior to 2022, Entergy would retain any excess funds, and if decommissioned after 2022, Entergy would share excess funds equally with the seller.

The VPSB backed down after Entergy indicated that it was unwilling to close the transaction unless the substance of the original commercial terms were restored.

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